D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, announced it has signed a Letter of Intent (LOI) for $100 million in proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the Department of Commerce. This LOI represents a significant endorsement by the U.S. government of D-Wave's quantum computing technologies and their potential impact on the U.S. economy.
“We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” said Dr. Alan Baratz, CEO of D-Wave. “The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States.”
The funding is expected to accelerate D-Wave's domestic quantum innovation, expedite fabrication processes, and enable delivery of real-world quantum applications. D-Wave is the world's first commercial supplier of quantum computers and the first to offer dual-platform quantum computing products spanning both annealing and gate-model technologies. Its Leap quantum cloud service offers 99.9% availability and uptime, serving over 100 organizations across commercial, government, and research sectors. More information about D-Wave is available at https://www.dwavequantum.com.
The LOI marks a critical step before final award documents are executed, subject to conditions including project milestones and availability of appropriated funds. The issuance of shares to the Department of Commerce would provide the U.S. government with an equity stake in D-Wave, aligning interests in advancing quantum computing capabilities. This investment underscores the strategic importance of quantum computing to national security and economic competitiveness, as quantum technologies promise breakthroughs in fields such as materials science, cryptography, and optimization.
D-Wave's dual-platform approach—offering both annealing and gate-model quantum computers—positions it uniquely to address a broad range of computational challenges. Annealing quantum computers excel at optimization problems, while gate-model systems are more versatile for general quantum algorithms. The CHIPS Act funding would support the scaling of both platforms, potentially accelerating the timeline for fault-tolerant quantum computing.
The announcement has been met with optimism in the quantum computing industry, as it signals continued federal commitment to fostering domestic quantum capabilities. The full press release is available at https://ibn.fm/Pj3aV.
Forward-looking statements in this article involve risks and uncertainties, including the risk that definitive award documents are not executed within the timeframe or on the terms contemplated by the company, or at all; that the Department of Commerce suspends or terminates award negotiations; that the company is unable to satisfy conditions to disbursement of any portion of the award; and the risk of dilution to existing stockholders from the issuance of shares. These and other risks are detailed in D-Wave's filings with the SEC. Undue reliance should not be placed on forward-looking statements, which are based on information available as of the date hereof.
